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8-K: Cingulate Reports Third Quarter 2024 Financial Results Reflecting $19.5 Million Increase in Working Capital to Advance ADHD Drug to Market

SEC ·  Nov 7 07:48

Summary by Moomoo AI

On November 7, 2024, Cingulate Inc., a biopharmaceutical company, reported its financial results for the third quarter ended September 30, 2024, and provided updates on its clinical and business operations. The company announced a significant increase in working capital, amounting to $19.5 million, which positions it strongly for the upcoming New Drug Application (NDA) submission of its lead Attention Deficit Hyperactivity Disorder (ADHD) drug, CTx-1301, targeted for mid-2025. Cingulate also initiated the final FDA-required food effect study for CTx-1301, with results expected by the end of 2024. Additionally, the company has been granted a European patent for CTx-1301, covering up to 30 territories including the UK, which complements its existing patent portfolio. Cingulate successfully regained compliance with Nasdaq's minimum bid price requirement and raised approximately...Show More
On November 7, 2024, Cingulate Inc., a biopharmaceutical company, reported its financial results for the third quarter ended September 30, 2024, and provided updates on its clinical and business operations. The company announced a significant increase in working capital, amounting to $19.5 million, which positions it strongly for the upcoming New Drug Application (NDA) submission of its lead Attention Deficit Hyperactivity Disorder (ADHD) drug, CTx-1301, targeted for mid-2025. Cingulate also initiated the final FDA-required food effect study for CTx-1301, with results expected by the end of 2024. Additionally, the company has been granted a European patent for CTx-1301, covering up to 30 territories including the UK, which complements its existing patent portfolio. Cingulate successfully regained compliance with Nasdaq's minimum bid price requirement and raised approximately $12.5 million in capital during the third quarter, extending its cash runway into the third quarter of 2025. The company's cash and cash equivalents stood at $10 million as of September 30, 2024, with total liabilities decreasing to $1.5 million. R&D expenses decreased due to the completion of enrollment in two Phase 3 studies for CTx-1301, and G&A expenses remained consistent. The net loss for the quarter was $3.2 million, a decrease from the $6.0 million loss in the same period in 2023.

This announcement is a separate document:

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